Dnipro chemical giant goes bankrupt: what about debts and who will get the property
6 May 15:58
Dnipro Mineral Fertilizer Plant (DMF), a private joint-stock company located in the city of Kamianske, has been officially declared bankrupt. On April 22, 2025, the Economic Court of Dnipropetrovs’k region decided to open the liquidation procedure of the enterprise, "Komersant Ukrainian" reports, citing the relevant resolution in the Unified State Register of Court Decisions.
Creditors’ claims will be repaid as follows:
Forgiveness of 50% of accounts payable attributed to the fourth (UAH 911,979,952.62) and sixth (UAH 115,350,324.25) priority of satisfaction, namely:
- stage 4 – UAH 455,989,976.31
- stage 6 – UAH 57,675,162.13.
Regarding the fourth priority for each creditor included in the register of creditors’ claims:
1) CJSC Grain Company Horse – UAH 43,272,981.02
2) Main Department of the Pension Fund of Ukraine in Dnipropetrovska oblast – UAH 7,465,385.03
3) PERSON_1 – UAH 3,198,296.82;
4) PROMIMPEX LLC – UAH 29,400;
5) Industrial Investments LLC – UAH 19,300;
6) LLC Finance-Commerce – UAH 9,000;
7) JSC Eco-Azot – UAH 5,541,750.07;
8) ATHENA INFLUENCES LLC – UAH 6,679,032.49;
9) FINANCIAL COMPANY AQIU LLC – UAH 389,774,831.29.
With regard to the sixth priority for each creditor included in the register of creditors’ claims:
1) FINANCIAL COMPANY AQUA LLC – UAH 57,644,351.54;
2) Main Department of the State Fiscal Service in Dnipropetrovska oblast – UAH 30,810.59.
In addition, in accordance with the calculations of financial and economic indicators, the rehabilitation plan provides for the repayment of current accounts payable that will arise in the course of the company’s business activities.
Causes of bankruptcy
Even before the outbreak of the full-scale war in Ukraine, the plant had debts of over UAH 1 billion. In February 2022, a reorganization procedure was introduced for almost six years, which included writing off half of the debts and restructuring the rest. However, due to the war, the blockade of sea routes for the supply of raw materials, and economic instability, the company stopped operations in 2024. As of March 2025, the debts amounted to:
- uAH 15.8 million in wage arrears;
- uAH 48 million – debt to the Pension Fund;
- uAH 18.1 million – tax liabilities;
- uAH 0.75 million in arrears for utilities.
In this regard, the rehabilitation manager filed a petition with the court for early termination of the rehabilitation procedure and opening of the liquidation procedure.
History and owners
DZMD was established in 2002 on the basis of state-owned enterprises Agrophos and Ammophos, which inherited production facilities from the Pridneprovsky Chemical Plant.
In the 2000s, the plant was privatized by Fedkominvest-Ukraine, a company owned by Russian Alexei Fedorichev, who is currently under sanctions and investigation in Ukraine.
After a large-scale reconstruction, in which the investor invested more than USD 10 million, the production capacity allowed for the production of complex mineral fertilizers containing nitrogen, phosphorus and potassium in different proportions in one granule.
The company is now part of the Ukragrokhimholding corporation, and the ultimate beneficiary is listed in the state register as Wolfgang Friese.
Wolfgang Friese is a German citizen. His name also appears as a beneficiary in other Ukrainian companies, including PLASTCHEM LLC and Trading House Sumy Fertilizers LLC.
Among the British entities, Mr. Friese also owns several companies in the United Kingdom, including INTERCHEMPROD AND INVEST LTD and STAREX ENTERPRISES LIMITED. In these companies, he holds 25% and 50% of the shares separately and exercises authority through the respective management bodies.
Current status of the Company
According to the Unified State Register, as of May 1, 2025, the company is in a state of termination. Mykhailo Shtelmanchuk has been appointed as the chairman of the termination commission.
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